Saylor’s statement comes at a time when Bitcoin has seen significant volatility. BTC fell for two days straight before rising in today’s trading session.
Much of the decline occurred after the latest (July) U.S. consumer price index (CPI) data was released late Wednesday. Net outflows from U.S.-listed spot Bitcoin ETFs partly contributed to the price drop, with Grayscale’s GBTC the most affected.
At the time of writing, BTC was up 0.43% in the last 24 hours to $58,423, recovering to highs of $58,633 after its dip to lows of $56,120 in Thursday’s trading session. This rebound demonstrates Bitcoin’s potential to regain strength even in the face of market uncertainty, which Saylor has frequently emphasized in his support for Bitcoin.
In a recent tweet, Saylor stated that “Bitcoin’s volatility is a feature, not a bug.”
A rate cut in September, when the central bank next meets, was strongly factored in by markets, supported by inflation statistics revealed earlier this week. The consumer price index gained 0.2% monthly in July, as expected, and was up 2.9% year-on-year, which was lower than projected.
This remains crucial as cryptocurrencies have been “sensitive” to U.S. economic data in recent months.
The market is currently looking ahead to comments from Federal Reserve officials in the coming weeks to evaluate the perspective on the economy and interest rates – especially next week’s Jackson Hole symposium.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
